Photo courtesy of Press Service of the President of Uzbekistan
During a meeting on December 20, President Shavkat Mirziyoyev summarized Uzbekistan’s economic achievements in 2024 and outlined plans for the upcoming year.
In 2024:
The economy grew by 6.3%.
Gross Domestic Product (GDP) reached $111 billion.
Investments in industry, agriculture, and services totaled $38 billion.
Exports exceeded $26 billion.
The poverty rate dropped to 9%, with a goal to reduce it to 6% in the coming years.
Entrepreneurs helped provide employment and steady income for 387,000 people from low-income families and 40,000 individuals with disabilities.
For 2025, the government plans to:
Raise GDP to $120 billion.
Increase exports to $30 billion.
Boost investments to $42 billion.
Provide jobs for 5 million people.
Lift 1.5 million citizens out of poverty.
Mirziyoyev also stated that Uzbekistan’s accession process to the World Trade Organization (WTO) has entered its final stage.
Despite the phasing out of privileges that conflict with WTO regulations, the government will continue to support entrepreneurs and ensure a fair competitive environment.
Key changes in tax policy for 2025 include:
Exemption of VAT on the sale of land and state property from January 1.
Removal of the 10% excise tax on mobile services.
Suspension of double land tax for rural areas within city limits.
Exemption from profit tax for publishing houses for five years.
Extension of tax benefits for IT park residents until 2040.
Continuation of tax breaks for private schools, kindergartens, and foreign teachers until 2030.
Tax rates for key categories will remain unchanged.
These measures aim to stimulate economic growth and attract investments across various sectors of Uzbekistan’s economy.
